XLIS.L vs. PAVG.L

Last updated Jul 18, 2026

XLIS.L (Invesco Industrials S&P US Select Sector UCITS ETF Acc) and PAVG.L (Global X U.S. Infrastructure Development UCITS ETF USD (Dist)) are both Industrials Equities funds - XLIS.L tracks the S&P® Select Sector Capped 20% Industrials Index while PAVG.L tracks the Indxx U.S. Infrastructure Development v2 Index. Both are passively managed. Over the past 3 years, XLIS.L returned 19.26%/yr vs 21.43%/yr for PAVG.L. Their correlation of 0.87 suggests significant overlap in exposure. XLIS.L charges 0.14%/yr vs 0.47%/yr for PAVG.L.

Performance

XLIS.L vs. PAVG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Industrials S&P US Select Sector UCITS ETF Acc (XLIS.L) and Global X U.S. Infrastructure Development UCITS ETF USD (Dist) (PAVG.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

XLIS.L is traded in USD, while PAVG.L is traded in GBP. To make them comparable, the PAVG.L values have been converted to USD using the latest available exchange rates.

Returns By Period

The year-to-date returns for both investments are quite close, with XLIS.L having a 15.74% return and PAVG.L slightly higher at 16.14%.

XLIS.L

• 1D: -0.24%
• 1M: -0.63%
• 6M: 8.26%
• YTD: 15.74%
• 1Y: 20.21%
• 3Y*: 19.26%
• 5Y*: 13.28%
• 10Y*: 13.06%

PAVG.L

• 1D: -0.26%
• 1M: -3.25%
• 6M: 9.24%
• YTD: 16.14%
• 1Y: 25.75%
• 3Y*: 21.43%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

XLIS.L vs. PAVG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
XLIS.L Invesco Industrials S&P US Select Sector UCITS ETF Acc	15.74%	19.35%	17.30%	17.93%	-5.18%	0.52%
PAVG.L Global X U.S. Infrastructure Development UCITS ETF USD (Dist)	16.14%	20.88%	17.48%	31.10%	-6.55%	-24.63%

Correlation

The correlation between XLIS.L and PAVG.L is 0.84, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.84
Correlation (3Y) Calculated over the trailing 3-year period	0.85
Correlation (All Time) Calculated using the full available price history since Nov 2, 2021	0.87

The correlation between XLIS.L and PAVG.L has been stable across timeframes, ranging from 0.84 to 0.87 - a consistent structural relationship.

Return for Risk

XLIS.L vs. PAVG.L — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

XLIS.L

XLIS.L Risk / Return Rank: 51
XLIS.L Sharpe Ratio Rank: 50
XLIS.L Sortino Ratio Rank: 55
XLIS.L Omega Ratio Rank: 46
XLIS.L Calmar Ratio Rank: 48
XLIS.L Martin Ratio Rank: 56

PAVG.L

PAVG.L Risk / Return Rank: 60
PAVG.L Sharpe Ratio Rank: 58
PAVG.L Sortino Ratio Rank: 59
PAVG.L Omega Ratio Rank: 52
PAVG.L Calmar Ratio Rank: 67
PAVG.L Martin Ratio Rank: 62

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

XLIS.L vs. PAVG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Industrials S&P US Select Sector UCITS ETF Acc (XLIS.L) and Global X U.S. Infrastructure Development UCITS ETF USD (Dist) (PAVG.L). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	XLIS.L	PAVG.L	Difference
Sharpe ratio: Return per unit of total volatility	1.32	1.40	-0.08
Sortino ratio: Return per unit of downside risk	2.04	2.12	-0.08
Omega ratio: Gain probability vs. loss probability	1.23	1.23	0.00
Calmar ratio: Return relative to maximum drawdown	1.89	2.26	-0.37
Martin ratio: Return relative to average drawdown	7.22	7.56	-0.34

XLIS.L vs. PAVG.L - Sharpe Ratio Comparison

The current XLIS.L Sharpe Ratio is 1.32, which is comparable to the PAVG.L Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of XLIS.L and PAVG.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

XLIS.L vs. PAVG.L - Drawdown Comparison

The maximum XLIS.L drawdown since its inception was -42.30%, roughly equal to the maximum PAVG.L drawdown of -41.40%. Use the drawdown chart below to compare losses from any high point for XLIS.L and PAVG.L.

Drawdown Indicators

	XLIS.L	PAVG.L	Difference
Max Drawdown Largest peak-to-trough decline	-42.30%	-41.40%	-0.90%
Max Drawdown (1Y) Largest decline over 1 year	-10.65%	-11.36%	+0.71%
Max Drawdown (3Y) Largest decline over 3 years	-19.65%	-27.97%	+8.32%
Max Drawdown (5Y) Largest decline over 5 years	-21.21%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-42.30%	—	—
Current Drawdown Current decline from peak	-2.80%	-4.93%	+2.13%
Average Drawdown Average peak-to-trough decline	-4.75%	-14.80%	+10.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.79%	3.40%	-0.61%

Volatility

XLIS.L vs. PAVG.L - Volatility Comparison

The current volatility for Invesco Industrials S&P US Select Sector UCITS ETF Acc (XLIS.L) is 5.02%, while Global X U.S. Infrastructure Development UCITS ETF USD (Dist) (PAVG.L) has a volatility of 5.84%. This indicates that XLIS.L experiences smaller price fluctuations and is considered to be less risky than PAVG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	XLIS.L	PAVG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.02%	5.84%	-0.82%
Volatility (6M) Calculated over the trailing 6-month period	12.63%	14.61%	-1.98%
Volatility (1Y) Calculated over the trailing 1-year period	15.28%	18.46%	-3.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.42%	24.72%	-7.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	19.09%	24.72%	-5.63%

XLIS.L vs. PAVG.L - Expense Ratio Comparison

XLIS.L has a 0.14% expense ratio, which is lower than PAVG.L's 0.47% expense ratio.

Dividends

XLIS.L vs. PAVG.L - Dividend Comparison

XLIS.L has not paid dividends to shareholders, while PAVG.L's dividend yield for the trailing twelve months is around 0.21%.

Position	TTM	2025	2024	2023	2022
PAVG.L Global X U.S. Infrastructure Development UCITS ETF USD (Dist)	0.21%	0.43%	0.41%	0.31%	0.58%
XLIS.L Invesco Industrials S&P US Select Sector UCITS ETF Acc	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XLIS.L and PAVG.L in my portfolio?

XLIS.L and PAVG.L have a correlation of 0.84, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, XLIS.L or PAVG.L?

On fees, XLIS.L is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, XLIS.L or PAVG.L?

XLIS.L is cheaper with a 0.14% expense ratio, compared with 0.47% for PAVG.L.

What is the main difference between XLIS.L and PAVG.L?

XLIS.L tracks S&P® Select Sector Capped 20% Industrials Index, while PAVG.L tracks Indxx U.S. Infrastructure Development v2 Index. They also come from different issuers: Invesco and Global X. Their fees differ too: 0.14% for XLIS.L and 0.47% for PAVG.L.